After two difficult years with increasing bankruptcies, development has now begun to slow down.
This is the opinion of credit company UC, which conducted a survey with figures from the month of May. For example, the number of bankruptcies in the retail trade was halved in May compared to the previous month.
Lighting for hotels and restaurants
In the hotel and restaurant industry, bankruptcies decreased by 14 percent.
Overall, however, bankruptcies increased by 12 percent in May.
Gabriella GoranssonCEO at UC, believes that there are several glimmers of light in the month of May.
– Swedish GDP has steadily increased, the Riksbank lowered the interest rate and the Swedish krona has strengthened in relation to foreign currency. An increased financial confidence in the economy from households is a contributing factor, she says in one press releases.
The sunny weather helps the economy
The fine weather in May had a direct impact on the economy.
– In its latest quarterly report, H&M referred to the fact that the glorious May weather makes Swedes more eager to shop, which benefits sales, says Gabriella Göransson.
However, not all industries are spared from the onslaught of the bankruptcy wave. In several industries, the number of bankruptcies actually continues to increase in May. In car sales (and the sale of other motor vehicles), bankruptcies increased by 57 percent. Among computer consultants, bankruptcies increased by 51 percent and in the already affected construction industry, bankruptcies increased by 24 percent.
Fewer new companies
In addition, the number of newly started companies is down by as much as 20 percent compared to the same month a year ago.
– I guess that we will start to see a growth curve again for Swedish business in the autumn. The continued weak Swedish krona can also attract more people to holiday at home, which benefits the hospitality industry this summer. But in general, the market will remain restrained as long as the question marks in the outside world remain, says Gabriella Göransson.
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